Cyber Security

Cyber Security

It’s not a question of ‘IF’…

Are you really secure?

2016-2017 Cyber Crime Costs are now projected to reach $2 Trillion per year.

Cyber Security Bill for 2015: $75 billion spent, $300 billion lost
Three years ago, the The Wall Street Journal estimated that the cost of cyber crime in the U.S. was approximately $100 billion. The estimate disputed other reports which pegged the numbers by as much as ten times higher – Forbes

‘Crime wave’ is an understatement when you consider the costs that businesses are suffering as a result of cyber crime. ‘Epidemic’ is more like it.

Cyber crime may be the single, greatest threat to every company in the world.

Grant Thornton, a global accounting advisory firm, has just released the results of their global survey on cyber security attacks. The total estimated cost of cyber security attacks over the past 12 months, in American dollars, is $315 billion. The findings are based on a survey of 2,500 international business leaders in 35 economies. Regionally, cyber security attacks cost Asia Pacific businesses $81bn in the past 12 months, while firms in the EU ($62bn) and North America ($61bn) are also counting the significant cost of attacks.

Companies to be fined for lack of security

At least three federal agencies have used their enforcement authority to prosecute inadequate cybersecurity.

Following a data breach, hacked companies not only face lawsuits by private plaintiffs, but also enforcement actions by state and federal regulators.

As a result of the Target Corp. breach, Target was not only sued by consumers, financial institutions, and shareholders, it also faced a Federal Trade Commission investigation.

Similarly, following its breach, DSW Inc. faced parallel actions from consumers and the FTC; and Wyndham Worldwide Corp. was sued by both the FTC and its shareholders.

At least three federal regulators who have used their enforcement authority to prosecute lax cybersecurity: the FTC, the U.S. Securities and Exchange Commission and the U.S. Department of Health and Human Services.